Rising from the Ashes: A Governance Perspective on Emerging Systemic Risks
GOVERNING DISASTERS: THE CHALLENGES OF EMERGENCY RISK REGULATION, pp. 246-262, Alberto Alemanno, ed., Edward Elgar, 2011
12 Pages Posted: 23 Jan 2012 Last revised: 19 Sep 2014
Date Written: January 20, 2012
Abstract
Unpredictable events – like an infrastructure failure such as a blackout (e.g. the 1999 southern Brazil blackout or the northeast blackout of 2003 that occurred in the US and Canada), a large-scale financial crisis with deep consequences on the real economy (e.g. the Icelandic and the Greek crises), a non-conventional terrorist attack (committed with chemical, biological, radiological, nuclear weapons), the risk related to the exploitation of new technologies (typically nanotechnologies), or a geophysical event (as the 2010 volcanic ash crisis or the 2011 Japan earthquake) – may suddenly cause large-scale losses. The knock-on effect of these events grows beyond the direct social and economic impact on a specific geographic area, affecting simultaneously different regions and imposing immediate regulatory answers.
Keywords: systemic risk, governance, risk regulation, volcanic ash crisis, Fukushima
JEL Classification: K23, G18, G22
Suggested Citation: Suggested Citation